1439000 1- 4720 06 SIC 612 W34 20 00 000

WESCO FINANCIAL CORP 10-K PT 1 & 2

NYS CALIFORNIA 1970
CARD 1 MICROFICHE BY LEA~G_O_IN_FORMATION PRODUCTS ,
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, ·.. SECURITIES AND EXCHANGE

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· W!lshington, D.
20549
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ANNUAL REPORToPURSUA."IT TO SECTION l3 .OR 'J.5 (d} OF

·. THE SECURITIES
.· '"' EXCHANGE
' "
ACT
.- -
OF·, 1934
. ' ,_" ' '· '

c :- c'Z .• ii •
"For ,the
.-- fi,scal . year endec;l December 31, 1970.
()
COl!llllission.file.nwribcr 1•4720··'
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0 WESCO FINANCIAL coriffebRATION

,, " (EXect name of registrant . as speCi:t;ied in its· charter)".
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DELAWARE
"· "(State. or other ju~i~diction of
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95•2109453 '
incorporation or orga~izati.on) (I.R~s. Employer
,, . ,, ·
Idend.ficat~on )t0 .)
• _ _, , II , _, ., ; "". '1';f
.315 East Colorado Boulevard,. Pasadena, California
(Address· of ·-principal executive· offices)
91io~· p
' ' - -- ' - ' '(Zip Code) ··
!• '' - " ··, \) .•

~ei:istra,µt 's ~elephone nlJD!be~, includiµg a~ell code 0 <213) 684-i~OO

c:i>··~,, b,.
Securities reg:i.stered pursuant to S:action 12(b) of the. Act:
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Titfe of each cla1fs ~~.-of ,el!c~ e~c~ange on

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Capital (Connnon) l'ar.-Value,$1 • "'
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Item 2. Summary of Operations~

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. (a) •.•:· .. CONSOLIDATED. STATEMENT OF OPERATrgijs ·

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WESCO, FINANCIAL 'CORPORATION AND SU$lDIAR'.IES

Five Years Ended December. 31, 1970 . . . · ·.
' (Not cove,red by inde~dent accou~ tants' cµrre@;_,'.te!>ort)
f),
0
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0 ' .,
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Year Ended Dec~mber 0 31'
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1969 y,,,, ,!1 " 1970
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1l
IntereGt oq, loab.s :· $23i44'2,508 $22,67§,22'&' $23,649,528 ·$25 ,"503 ,.196 · ''$2.S, 866 ,oo7
3_ 3 •.. o.45.
0
Loan origination fees, ]. .778-...'~,900 ° ·o i (~ 201
•-cu ;':
.
'·'

Interest and divid·ends

-,j .'-'
._, ,_,... .
. ' 943 ".-:. ; 1,03)1'.2_·77 i 554,315
1·-,~

"' · . on· inves tments1" ·· "~ .• 1,439,876 •1;645,550 0 2,383,600 " '" 1,886,668 ,•
""" b ,

"'" Esc~ow, and other fees\~ '634,675 "' • _o 862 JI 138 ' . ~10~6250 '6, ••14~883
'.IQ~· Operation and net gains % 0 .. ',·' I->" ")
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Q. ,..
and ;lpsses froni. sales ., ,:: 1i '6 1.; 9
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of ,,real property • (489,.770) . 1,059,156
Rental of"office /\
. il 0

~!~:~Z~·
premises, net 220,75'1 212,832 283,061 312,465..
. O~her' inccime · 161,211 165,535 138,910 '32,893.
.26,127,620 26,029,738 27,991,335 ' 30,699,948 30,433,189
., <
Expenses : ''
General and admlnis- · \)
' ' 'Cl\ '
tratiye !?xpenses · J 3,392,686' '3,079,,.!!82 ~ 2 ,,991
-.· ·'
857 3,054,'564 ' 3',104, 796,
!Interest ori savings , D "
' .
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,,
accounts
;• '
· Q
'16,984,844 18,,04l,l83. i7 ,49l, 707 16,573,438 ',, 15,·282,734
Othe1:" ip.teres t expense. 2 ,;,259, 256 1. 778,512 . ·2,030.118 . 3,731,867 6,9°65,4"76 .,
. I'II . ' '?2,636,786 221°899,577 22,513,6821
' 11 23;359,869 ;,25,353,006 '
·· Earning1.1 bef. ore. taxes "'· · " · ·. ~:::;' .
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" on income and loss ·~ ' ~j

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from,'~aie of Uniteil ·" 0
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States Goverrimenb ~it
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obligations 3,130,161 5,477 ,653 . 7.;340;079, .
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';5 .·080;193
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Taxes on income: . -::•,, .11 H' . ,
· Curren.~ n,, ·• 's6o,ooo 595,000 850;000 1,287,200. i,125,600
, , Deferred' '' 336·,ci"2!! 225,733' I' . " '\
• 0 '762;000. ' 2.074.000 •. '906,000
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896,'024 820,733 1,612',000 3;361;200 21031!600
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3,865,653 .3,978_,879
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$3,978~879 $3·1048,'583 c
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" "1970
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fl,6_G6,320· 1;686,636;, $ i,770,96~» $1,859,517 $ 1,952,4~3
'' 80,316 841332' " ,88,54) , 92,976 '. 9.7;62'5"
l.686;636 1.770,96.8 1,859,517' 1,952..493 2.050,118 N

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16,36111,073' ', 17,999,231 ' 2Q;,637;424 ·,·.

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1:4'1'2,561 1,638,158 · 2,638;193 i/t81,656·
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rl6,361,073 17,9!J~•.231' _,20,637.424 . ,22',419;080"
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Ite1112. .;:S;,;;u;;.;m:n.,~·"'a"'r"'y"'·"'o"'f"'·_o.:;·.P..e=r.=a"'t"'i"'(l"'n:.::.s, continued,
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(b,)' through (d) not applicable~ . C?

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Item 3. Pro_perties. · Q
"
plant and ~quipment of registrant and(/~ts
;:'.-;, -· ··,.; fi i :)
For· information! as to property,
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aubsid. iaries; refe;eiice
., - - fl,. - ''
is made i;o Schedul7s v llnd .VI C>f ..•AcCO\lntants I Reporlt"
filed ai; a part'of this report. 6 n '
;'' 0 11
• 1- ' ' . _, .
. Item />, · Parents. and Subsidiaries,· ,.
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' · ibere has been no change in the relationship of iegisi;,•ant to ,its .I
subsidiaries f 0 oni 1 that previously repor~ec.I at Item 3 of registrant's 1966
and 1967 ann1,1al repo,rts on Form·lO-K. ·.

· 'l~em 5.
a·
Pending lgaf Proceed;ngs.
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None·. other tlia~ ordinary routine" litigation, incidental ··to the busines}\:
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Item 6, Inc£ease3 and Decreases in Outstanding Equity ,Securities. "\\

i~creasJI reported herein invo:tves capita~

.0

• ibe iegistrant' s stock, .par

value $1, which i\; .~ts only ·class of stock •. · 0
, ,, · , "· ·
.0

Number of sJlres capitli,l $tocl<;out';tanding '. ,, o~ ~t .• . g

·December 31,111969 as shown on re~istrant'11 balan.ce sheet
0 0
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, f~r ies prevfous fi;c;a1 year. / · · . • .. . ' . .,,, . 1~~5~,'49~

Numb!!?= of shares of.: C)Utstandu~g capital st.ock increa~E',d by.. ~
. 97' 625 shares. issued. as a s,tock div~de~d ;at the. ra~e of one. ' 0

share for each twenty shares.of out~t:anding capitz,al sj:ock, " .

0 ' paid April 7., 1970 to stock!iolders of record at the close Ii
0

of business on March 4, ''1970; · No fractional shares<.were

. issu~d to the st;ockholders,, 'l:iut the· aggrega~e of ah . ,, '""
fract:l'.Ol\!11 interests•wai; ~hsued ~to Secui;i;.ty Pa9ific National
- c " .• ' u
Bank, sold by i t on the New,. York Stoclt .Exchange as agent fc:>r
the,. l!ltl)ckholders., and• net proceeds disburs!!Ji' pr'1, rat~ to the
stockhold.er.s entitled there!;,o . .• 0 .. - .. "
,, ''·. . .::"t;,->1 ,,
" .Nuin!>h, of' shares C)f 0capitil'l sl:ock FOf regis'trant.,outstanding , " ... , "
. at,·necem.ber 31, 1970, . . · ,, "· " .. · 2,050.,118]
'_' ,. - ~- - , ·-. , ,- - ._·-·- .-_ .· - . - - - , o_ - . . . ;.;-, ,. ·- .... _, -.~-, _,·
The 97, 625 shiires SC)· issued• were not registered undero the Secµrities Act of;-
19~~ becaus1;1 ln .the opinion of rfgist;railt's (\pun11..el t~e. iilsu~ce C)f thi; fµll . ..,0 "
shares_ l:C) t)le stockhc:>lders di;d n~~ constitutt; ''sale!'." wi[fin the.'1111!.~ning of . ' •
section ·2.(3) of the Act, and the 1;tssua11ce of .the. shares :tepr.ese13,l:ing .. fi::a'ctional~ · .·
. ;;' " - -· - - . __ .. . . _ ,. . .- ,. .. _ - ..~ , _ .. _, _ . . . _. -- c,-, · . :. , _ _ : ,._,~L. -7 •

interests t:o 0 the stC)ckholders' ~~ent i!J exempt under .Rule• 236· of. the G!;lneral
Rules and Regulations issued. under the. Act.l' ·
.; ,, .. ". \ > -· - D'; _· ' ·-
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Item 7. Approximate'Numlier of Eg:ltity Security Holders at Decembe~·3l, ·1l!i70;
• ,.. ... -
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· Capital (common) ,Par '7!'ltie $1
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Item 8.
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Executive Officers of the Reg:l:lltrant,
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... .•.·Listing t;i; 'regist;rant'i;i exeeutijre-·officers foqbws. .Thrre is no· 'famil),'
-:\' :J;J_latio11ship between any of .them.. .....; .· ·. . ... · ·· . ·q, ·
, ~. ~.... - . _ . . _. '· G. ~. _ ..·· .·;:--#!'".~·-·.· \ ".·-: , -.. -./·- · .- ·n - ·. . oQ ~·
1. ·Richard 11.~As~on; age.'69; e~'.lirl\la~ of the boa~1.'0f direci6r's.:· ,, 0 .

' . ". 2; Louii;i R. Vineenti, age ~5, p'l'ei;iident• ;; 0, '."' ·~.

. -. . ";
0

"3;,.. Marian !f• lliggin~, age 60,,seer;t:a,,;y 111\d. treasurer~ ',, / · J.\ -~"
· · Item 9• lnde;nni:ficatio~ of Dire~t&rs ·and Officets·. 1' ' . '1
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if.....
" ~· . Seet;ion N:l:NTH. (6)_ 8~;1· (1~ ·of. registi'ant' II Art;ieles ;0 f lneo'.r}' 0 ra-,. 0
t.:1.e>n eontain the following PJ;'OVisions fe>r:• indemnifie~.t-ion of direet:or11,. offieers "
~. •./$' ..· ." a~d ~ployees:. . ,· .·,·.· 0 ' ·. .·• .· >" '' 0 ' ~· ..·•.· •.. ·..·· . . •• .•· •· . .·. :"' ' ..· " i '. 00
·. '

. '.. .'~ 11
6. Every l>eJ:'son n<>W or hereafter~11ervi.ng as <llreei:or, offieer ·or · ·
01}'" •· · '.,
empl~yee of the corpor~Jion sh~114)e indemnif(~d. and· held barmles$ b'~
, ;,· •"·· .·the corporat;ion fJ:'om an!! against 8ny and all loss, eost ;. liability and
. J{ .
1
'j$,' ,expe,~l!e th1Lt may be imposed: upon Bf inc!lrred' by him in connection .wit\l
. ·~\> or result~ng •from 'ny• claim'i a,c;tio~, suit '!T .proeeedin~, 5//,vil or . ·· · ·. .
·..· "·t:J /;; crimlna~ 0 in which he may ,bece>me tt1volv:ed, a11 a .pa]:'ty or. ·'!·therwise, by .

~h.·;s~.: s.i· o·: .· ·~_· i·. ~.'f. .· e.i~ .-.~_a· ~·. !· . · ~.- ~h· .n·~ ·-~·\ ·.=· ·o·!·i·~·~.·.:· · · ·.~=.~ ·.·~ ·~.
1

.}D\.·
··. . ...·._.!· .•·;,; •.r;·····!.:r;,!i·tcost,
·.Jf.i.•·.L....·' such
..
loss, . . •l,i~bilit?:."
.. . '.!·o.e~~!-\Be
. ·. e.· ... •. nor . ,~hall, .•hav;e bee1f'·~\~~ed
r· f.o·. .o•.•:. . ·.!·i. . . h.o:
.. t.·'f!JD.t.&!·.·o."
ory.te.·f. ..·.•.of· , =.· :a. "
.· ,· inc;11rredt ,·As,<uiie~;~her~i~l. ,the term?~:l:oss, eost, ~ '.~afy and expense'
II • 1 :ments and ·amoqnts' ·,,f judgmentE•, fines«,or penaltie l ·against,· and amounts
0
.·• ,c
,19.,,•- ·., ,
1 1~~~a+d bi,'set~_lemen,t~by,, any.~~sulh"director, offlceu. or em~loyee; provided,,
y '/;:
'.-,
i,;
. ii!"''~ll~e':'.er~ tha~ 0 ~0•• ,~~ch direc.~oi;, officer or empl~·,.ee s91111 b~ entitled
·" "° to cl:'11iln. suctt, inde~ity; (1) .with respect to 4Iiy 1mat::er as to'which
there":shall nave beefi 'a final' '.adjudication' that ne has <1ommitted .. or :: .
( ....' ,, ' allm.red soipe· act or 1pmi.ssion.\' 1(a) othe'l'Wi~: thaJ/ in good fafi:'h .. in 'wllat'.' ' .' "
he consi~'3red' ~o be /Fhe b,!lst \f-nter!'!St!I of the corporation, ·•and (b) , " ,,
· ..""wit~out reasonable ~aq~~ 'to b~lieve that such l/e,; or" omis~~on was proper,
and lega0l; or (2) ilJI the even!~ of a se't~leDU')nef/.?f such "claim,, action, ..
• sui~ or pro_ceeding u~less (ti) \ the court ,hav!nffJurisd.iction thereof ·
1
0 1
1>,,,
1\~l
sha,11
)\
.have· appro.&v:edjlof;
l_ )
such settlement
, ..,
with .kl'owledge
t.t of• the indemnity
I ff
'··provided.. he):'ein; or (b a written opinion of independent "lega1 couns'el, "
,..; selected· by" or in '!1 /l'"ier determined by th~ Board of Ii~rec'to:r;s, shall "
'I; '. ?" "hll.ve been·rendered s,ubsta~n~<;'oneurrently with such settlement, t6
~ the f!ff.ect' tllat -it 'ras not hrobabi'e, that the' mat,ter as t;? which0 indenmi-
,fication is being niiLde wouiid have. resulted in ·a final adjudication as
0
·~speeified ~n clausej!<l> ar.love, an~ that, the said,,lo's'~, "cpst, liability
:or expe1,1se may prop rly-'ti.\. ,bor~.e /by the corpor.~tiori., A convicti!?n or
0
,, .,
0' ' njudgment (whether bleed on a'pleu of guilty or nolo contendere or its'

.< • ,~shs,~11\C>t ~·.···quiv.

a.i··.en.hbeo.de~d .. )'iin. . "f.,.1.cr···¥o."i.··n.·a1
r.• af··.·..t·e·.l!l.·<tr·i·'·a.l·
an adj.q!iic;~~ion ths,t ...such'
·.···.·.a:e_ t.i···ollf·.·e·u·
dixe.cte>r, •.t.'.·.or.o~fie~i;
....
r o·ce. . . orp,. ··. . ~ p.·
. ed···i.~~ .. . . -
~

··. ieinployee ha6;~coamit ed · or allowed. eome ~ct or omission .as· ~reinllbove . ""'
· J 3pre>Vide!l, t_findepenl~~~i,,~J; ~~WlB,f!l; 'se.l~C:t!!!l,as h~reiiutb~e 'IH!t • ·.. · iJ <. "·· ,
" .. ~ fortii, .•h&J.l'J aubs;a~d'.l(lly concll\rrer\tly"w~th. •iJ'Uch convi.ction e>r .. judgme.it ,. . " ,
· /1tv11. to th~'J:~fporation al ~it~~p~~~llt~n t'1at 11uch direc.te>r,~ off;lcer . ·· .· . ~· ~
o; ' or 8\8P~J:<:tKr!~ actt~ ln. &()Cid f,.ith in ~liar he :co~idered to ·b~ t~e . '
(f· c . ... . ·. best,<interests of j:he corporation .or!:·"as ·UOt. without re.•sonable eause. .
· . : ~ ~:;,te{~~1ie~ ~lilt: ~.~ch. •ct ~r:. C>:z' •!\aitaa:l.on<~•••1)>ro~er and :1ea;l. ·...· . · . < . . .: ·
.
.,.
2;.,~,,1,: ···:•11i-5.i~tvery,'p:k~on·~(i~~l~~~'18~•f"tl~te~i:ot.i".-of:fi·pir"·~rC<~~oyee~·ot''.~1~·· ~,;=,, •, ··'"'·""'"' "'+•·: ·
corp~·~ati~) ~o .~t. the ~!IJue•t ·_(\'f •.the· co11!oil-l!-~1~ acts [!a~ .a dii·~~t~J:· . · ···
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own•~:Jharea \f!f., at,oc~ ,or ~of. which;;tt is ~,cre4~i:or .IJhall ~e ~i~~lllJlnified ·• 'l,•

t:o tile same exten!: •and. 11.!bject i:e> t:h' aame; ce>P:d:i'.:tioQs that the dire.ptora •
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, ., At its, April 16, l?,68 meeting; r~g'!Jm\ant\~ board of,directors adopted .
. the fotlow:itJo resoluti:o~ in clarificatf.5h of q1e ind~i1m:l.:i;ication, provisions; ·
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, . -ll~olly-owlf~fr;,sqb\jidis,rie13 of thi13~\,q~p~rat~~ who:are'."noJ} serving or
~ whi:> here~cifore,,,pi; ,ner~a:llter served 'br\i'serve i;ai~ subsidia~ies in said !l"
:. capacities1; are deemed to· have served"'l'.;r to be serving .said· stibsidi~J:·ies :.
~ at the re~uest 'of l=hisi corporation and, as sucfi;' 'sha'il,be eliSib:fa for ·.
indeJ!lllifJcation by this corpbration\\uti~er the provis~c'ins of'Section .
0
·

NINTH (f/) and· (7) ".of its ,Articles of Iricorporacion, :and 't~e provisions ,,
of Secff:l.on 145 of ~..apter 1 of Title·~ "of .the neia~are cci,ile~,, 0~11 mnen~,if·
In. addJ.tion, agents of said subsidiaries shell .·be deem:Gd.,:to have. senrlld
or t1be serving said svbsid.iaries at t:he reciu17,st <>:i;; thi~: cq,rp9 ra~ic1K~· ....
· and 1/~s such> shal,l 'be eligible· for indemnification 'undeti[ t4e proy!Sis.ns
f.J · of ,fgiid s;ction 145 of the General Corporation Law of the~;Btat~ .of"J. ~"~..
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St~~e~~nts ~"'·
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Item
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ii E:ithibits, Financial
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and ·Schedules ""
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Account!lnts 1 Repc;irt . ,, " 1'

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- ·~ Index fo F:j.nancial St!!tements 'and Schedules
.. ,.·
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'C:• Financial Statements: ,\\ , ·. . '' . ,;: 0 , , " '· j[ . ,,, < • ' ; "
Wesco Financ~~l. Cor.p~7at,fq,n '/lnd Wes_co. Financial 1p11rporation ·
and Subsid1ar1e.11., ~consolidated: . . ··· I . , · ··.
a ·~ • a .v -.,. <::;, '' ~.

0 st'ate~~nt:s of C11ndtt:i.on - December 31, 19·70 and 1969 ''

o ·- ;.'\e.
Statement of Earnil}gS .;;,.·Two year~ ended. Dece¢.er 3l,"'l,~70
w ~.!~f(
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'f;,tatement of Stockhqldersl Equity - Two"·ye9rs end~d

0

·""December 31; 19.,ZO . ct;<,;,. :\ ·' \~· o. .· .•• \'I 0 ·' "!· ,
It " . . .,J' · ,., ~

Notes · fo Consolidated Fi~ftncia~ Stat~~nts

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Exhibit 1 ,: Statement ~f;:'So~r.;!!4- ~nd ,Applicat:!:on of Funds''
· · Schedules :~ •. ·,, . . "-' ~;£,~. ·«l;~~,,,. " .\ . ~ . ,
6
Wesco Financial corpoli.ation and Wesco Fii:iancia1. 'Corporation ,,
0
and subs:l,dt'3,l:,ie's, c;,ons'ol:i'.c!ated: '1;,
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, Schedule I:ll •'>Inves~en,ts ''in S~~uritie~ o§::~~'tliate '~·

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<11.re. not. applica~le f)r because th'! <rt;qllired ;inforJiiat~}j!~....is ~hown "
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·WE.~CO FINANCIAL c'bRPORATION II.ND !!UB§IDUllIES, CONSJ>LIDl\TED
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,,Statements o~ Con4Jtion - . necre,:· 3~,' 19}? a~d.1969

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1,a59,s11
"-'Beginning of y11ar 0 1,9si,493
'(' ·"'
97.625 92.976•
5'& Ito~ dividend - - " \l '~:;-- ~ --"""'""""'-"·'"'
E:.i o~ year, _-~ \_ ",]' "
- 2.050.liB
. "'}
-<;;;::
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1.952.493
i
_cap:f,tal al. rplua (note 5).: · _ '0 -
: - Beginnt, "g- of ye•!'-'•~ ra11tata~ (note 11) 1 2o'~6~7 ,424 'i -_ 17 ,999 .2~i - I
I

'
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_ t valu_ •~ of __ •tock di~~-dencf
'
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0

_over' par valµe of atock ia1ued ' ~ - ' ,J, ;·_ jsi .::~5'6- - 2.·638.193.
··i
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-" ' "' i,\
22.419.080 20.6)!1)424 _- '

0
-- \ - ' 0
aetainec'i- earning1:
--Appr9pri,ated to gener!\0 re11~rve11 'f,

~ ..
( '"",. .,,,
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0
(i;wte_a 4,1nd _6): - " · "
-- Beginning of_ year ,
Adju1t111ent1 aild trianafer1 to
,; unappropr~ted eiaminga
0
0 40 200
. ' . ·-· 000 'il .'
41,900,000
' • 0

• _:)><. '" - ~ • :'Ir.· "; • " 0

£nd_ ~, Year -
0

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" ·. .h-~~,.:·::, WESCO'FINANCIAL \)
·"1/)

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(2) Loans l!c!lyable'.

'o''Loana •:jreceivable
. ' \':, , '
at Decembeir31'
. " •'
,, '
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w•
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.. 'R:eal ~state,loanrl on .r-•identlal~'property " ,,,\,

I 311,694.~00 .1~.r
\ ,·
· !~I ..306~475,944 l2il,880_ "
-" " . One iJ. to four unite (liclla• loan•) " t
,, 0
~
More than four uni~• ,,
, .Real !!Bt&;~"e loans
\·
O_tber properties. !~~,, On
~- JI

?
·- " '64~378,834'
2·.a04.z1a· ~.!,·
11 •.,,' "
11, -
0, _ _".;;·;..'_
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67,311,082
13.~~·''~.
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159,931

~$ iru1c231
rr
3B0,659~576
. 447.468
·' .
}8L 101 2Q441•
.. _·
I·. "
· 127,eoq ' '
,
,,393,.610,478
'
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'

'297.39~'
'

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0
"• No~eil (>li~lil;ll~ at December 3,1, ~re ii~rised aa. follows:-
0
'..' ,,k,, . . " '. < ' ' • -~
·"1970 "
0

l. 196?'
'
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' -

, ~.. •i-J. \
p
------..
cpljp!ny ' ...H~-~-l.l-"11:..-------·f.'-
~ ,r.ggolidated . ~
1
" · ggpeolidat•d
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' ' WESCO FINANCIAL

. -.r.·.·· CORPORATION ;:;::and ,.- · . ·
"'' , <ti '·

WEsco'fINANCIAL.CORPORATION
. - AHD S\JBSI~IARIES, CONSOLIDAl'ED 1
il \
"' .
'~ '.;;,""~
~

(.'.'-
. ' ' :Note11 to consolidated Financial Statements;· Continued
., '

' 0
n ' "
,, "'

\·.

'"' .... ,

0
At December 31, ~968 M~tUe:i' sav:t:ngs had reached such l·:!,mitiltil)ns' which" isl "'··
11. the absE!nce of sufficient growth of botft, savings and. lqans, precJud.e f~1'-'.
" tbeT- dE!ductiops from incom11. for additions to tax·qµalifying loan rE!BervE!a.
'.) ; _. f{ "'
' ' • - . , - . . - -I

in°arriving ,at FE!dE!ral t&XE!S on incomE!, Thi'! E!ffective taxc;t"ate as com-.

pared 'to earnings before<ta.xes is les,s than the maxilllUlll,since gains'on
the sale of forE!closed real estate and municipal bond int:erest"are not
taxable. ,\~ .
·1 ' o.

,, " · Appropriated reta.ined '£!arpings eat J)ec~ber 31; 1970 includ.e .ap!?r0iiimatel;
" $41, 700,000 {before el~~tic)n of. $810,_oqo. in consolidation) qf .t;a:it· re•
'"
serves f9r which no prwision· for. Fede,t'al income, taxes has been.· 11111de. If ,
inc the future these appropr.iat;iona are uae.d for any purpose other. !:ban ,i;o
. , absorb bad 'debt .losses, Fed~ral .income taxe~ ~ill be illlposed ~.it" the. thiln _
,._ c applicable crates. ' " ,, ·, 0
00
t' " 0 .,, ' ':"! o·
· - Deferred income taxes 1Jave0 .b;een ,provide.Ci on inc; 0 111e repc>rt:ed for::zfinsnd.al ·
- s_tatement pur.. poses .i1tlt·,··.·def.erred. in"' tMJAss1>ciai:ion.'s. incci131e, tax/·.··. •; ,
· returns. Timing differences consist· prilllBrily of deferred loa- . ees ;' in-·
, •tere,s~.on the FSLIC se<:ondllry reserve~pa)ime~t ~nd a_ccr1,1ed inter~st 'i'.e;;.
ceivable. ," o · . · " · · . ., _
,,._·.
, ' .

Feder~ "incCJllle tax returns ·~f the Compa~y and Mut:~l s~\iinge for 1967 anCi .· ,
0 ~. ~~~=::.yea,r~ ~re subjec,t to exa~i:tion~t~e'United~tes :reas~ry·
~J

___
0 ' ,, ' . ,. "'

l\ ' l:nc<>111e 'taxel',; consist of the following: · 0

.,..._._ '

· ' " ' • 1970. Q .o'.\> !,-=9.:;;69._·- - - - -

!l0111Mny , Conl!iolida ted CO!llp!n}: lhConsolidated
Federal" inc- tax.
. californiia franchise · tax
< $ .6,2,000 . 1,6()9,000
'
1
t:};ioo. ·. tt22.6oo.
·2,622,oQo
' 739.200
: f
(''

,, $ 75.1@ 2.931:§99
'h -~ "
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0

~ <s>c>e ;!!~; 0 26,

1
1971 .. of Directors (:h~8aar4 de~lared ~ .st~~{.u.videna'
payable.April 6, 1971 to stockholder, of record on· March 3, 197-1. Upon·
_. ?,
1
•: payinent 9f. ,the dividend.•. the ,fa,ir 1111!.r'k:et; !slut: ()f the a.C:.oclt af of ·· ,,
.Jfilnuaey 26, 1971 will_ be c1!4:t"ged .to mark~t val,ue o~ lltock dividen.da,
cO,illiion iltoclc '!fill ,be' cre~ited 1'ith,;an,, 8mOUl)t equa~ to. l;be' P4'•~al~ ~f
1 1
'!~:~:~Jfi~;hla;;~9i:!~ ~!. ~~~ :!t:~!~l~~i11;~~*~~~i~J1~~~~~ ·• 0 ·····

" I ' ' '\I ' -· 0 ', '

0
.. ;
··~··c6>-1e1arve·_1i;pu1mn_ts'_· . ,~ . ·. ·:~· , .,J ~·
The. Felfeul S•viuga and :J.oan J:naura~ce corporation, - in· connect!'ion With tba,
inaJ.\rance qf IBVinga SCCOUllta, requires savinga asid 10.n .S880clatil>Pll tq 0

'•inta~ncpe~tai# reserve• vhich may be. uaed onl:y for the p\lrpoae of ab-, '
&orbing lqail.el!I ~'. In adll,~tion1 ailaociationa m1at •inta.1o. certai~"railes;ve1 .
urtif.er C&,11.~orniA Jaw•,. ~µch .reilervit J!'•l!itirementa were .iae,t. i;y;,JtJj:ual. ":
S&~f.ngs •• s,,of ~<;,embex .31; 1970 and 1969."' o'
' i: ' ;• ,. ' l< ::" 'a ' . < (,

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. ~S~F~1!~dC?l1Pl:?BATioti · , ·
' ·' .
.JIESCO F:QV.NCIAL CORPOllAT'.!'.ON A~ SUBl!pi)ARIBS, CONSOLmi~
\' , .. '
'ii
, o· I' 'l·.·
fl
_,.,
,-«: "
.:~4<.
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0
0
,·"Notes to Coneol;l.dated °Fi!J!pcifl ·:stat-..nt• •. Cont;inueci "
~.,

=
~ "'
' 0 0 ·-·.· ' '' " '
0 0

.
.~ (l

~'~.1,+,
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0
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1970 , 1969~ 0
p=ray _·· gope·DlWte'd
0
f? 0
' '- '' ti. . '
AAuo1·1d•t8cJ.
~ , < " d
"
Land . $'1,'498,817 ., 1,622,313. 1,6%2,413,',,.
" •' •\
•Build:lng11 a~d ~rovementa.
D - . r" ' 1 •

4,629,380 "4' ' 854 698' . 4,849, 770 .

o D 0 ..._,, o"
'/.' o,,~ '·o
·IFurl!iture, fixtures and equipme~t "' Q 5,628
' t .
718,329
0
0 6?1.65,1 ..
•
" ii -Leasehold·~rov,ements iSl.609
•J l<
_·,.:,
:~ . . !!;fl 251.609 "!';· ·1
' 1

,,. oot Accumulated deprecia!:ion and,amorttzation

6 1 133,82.5
. \~_,221.111 0
7,446,949
2.022·.a~.z
'7,4i5,443
f.823,241
'"
Ci,"
o«
·o

0
Q
, ;...
·'° ~· . . . ,, . , $ ~842,i14 • • . p

~~'
. s,.354,u.2 · s,S!l!;2Q2
" . \\,.,,. . C/ .. ,j)''

,, 0
>) Proper~y and equipment is· depreciated on a straight-line ba•11,. ever.the· ·· 0

eetfJDat~d usefulo lives of· the variou1 cla1se1 of a'asete·"fr~?:i\the reapec-

0
"''
"' · tive dtites"' of~cqllisitil?n. The usefu.~ lives '!llled. for. t;!ie '~i;i'ilcipal d1a.!liile8
0 o"
:.

Q,~;b'
,:, ,, , of. a~~ets are:, " ,,Y Ii , , " ,..
.,
imi>~l>Vemir~ta"" 4~'<Pyeara'·
" 0

~,\
".
Bui1dings ;nd D ..
0
) , io to
J\d'nit~,re.~ f~tur!!.I and equipme.nt 0
10 years .
,, 0
,' p ~sehold mprovemen~s '
0
L;f.fe of 1ea8&
",
'
o (J. i,., - D ii (; 1\ (':. rrl,
..o,, ',~JI ,\;- "& - "
·,,
"Maintenance and repair• ·are charged 0to appropriate expenee a.ccounte f:n 0 ~e
0
"''=- '-·)'

'd"'
. . . ,r~
. ;~
.
...
year incurred; renewals and material betterment• are,,clulrged to JtrOperty: 0
accO\inte~ ": ~.i 11 ·' '·o,,u,. ,- "·~ .
;P
.'"
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... ,,,... .... 'i', •

. .f::.,
>'. ·i.
..,
' - '

Cost and accumulated .•d.pz:ecUtion" .ibcl. &lli():i;tiBJ.tion · appl~cabla to ll•••ta re- ..

'11 ', ~ ' ' ,,,
I " ,, -,
... I ,,

~'
tired ~r othezwile,. :diapoaecto.f are· eU111inate.d frOlll the related .account• )!
'" L
·o. I
",
and the profit or 101• on«d:t:apo~ition-ia credited or charged to earni1!8•· 0

'o
.'O
"
·" 8
.•. l
·r .
,: ! ,,,, 'f,''"'
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Lo!! I 0
> '~'
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·· ' The follovi113 amount• have beenocharpd to~expel!•ea,. ~ the !tat-nt of i\

c
" ~per~tione: .
0

o I , 0
0
~-.,....,.,,-..;;"..11...
261,'!l?...,..~~'I""-': ".
/!
()
' " " Ccwl!nt COpaoliclated·
" ,, . 0.
'••
M&inteJ18nCe and repaira .) '" $ 217~7()6
. ;i

212,12111
; ' l.l
25,2;145
c

.,
0

'" '" Depreciation· and ·&!DOrtization: ,,

· Prop9z:ty a11d ·equipment ( Scheciu~e VI)"
·~

., 200,101" 198>870
"'. Properties acquired through fore-" u o. "' 0
c
. ·~11 ."
.IJ ,,,
clo·sure and hel<i for 11&leu · ·
Tal{e• ~ther tb,1111" ~xel on income:: O• " ' -\)! .
-
.dJ. .o (f; ~yro"ll ta~• . . 2,866 61,467« .
.. 0
!l . ·17J~365"
" 0

. P~operty. taze• ~?5,p7~'

< ·.
0
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Mutual Savf.Daa aDd Loan . ·.o ."'1 ·

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II
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1970

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Schedule V
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WESCO FINANCIAL. COlU'OBATioN
' ','.i
c ,.:,

~SCO~,FiHANCIA~ COaPoRATiq~·~: !l~InIAihxl!, CONSOLIMT!D '.

fl · Property, Pllnt Ill~: x4uf.P.:.nt

--;.,

.. TWo years en4e(J!.i;.celllber 31, 1970 ';

)'

,! . 1·
.. ',-:;
,;>

'· . Ba;Laq.ce "at Retire- · ~lane:•:

a
beginning/ AddiUona men ta Ot~er at'cloae
'Classification of period at .. coat: or sale• changes of periOd
"
,.'
.. . ·· Company: o'
. a·
.
i .
:
,._ i
0
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· Lilnd " $ 1~498,917 l I 491l. t,'917, '.
.;
.. '
Buildings encl . .
'
.,'i "" · improvements 4,(i20,41() 4,-042 4,624,452
. Furniture, ·fixtures
and 'equi~~t . s,6'28 ---"' 5,628
.
" .~·,,-,

..
\]
1
$ 6!124,955 ,: .6.128,997 "' , ','
, ' ~I

,.-' .
ConsolidAted:
..
'J_'
·-" Land ' ·., . q
$ 1,622,41,3 -.•)
1,622~413
0 r;
Buildings and .
· improvements : ·· 4,845,227. .4_,543. . 4 849 770
Sj ' - '-· ":,-;' "\!'f;, ~ ?: " '
Furn:l;tur!! 1 fixtures ., . '4·
t:)

an~<:equipment . 6'88,274 ° 14,170 10,793' ;691,651···

~aaf,lh~dimprovement11 243,427 8118~) v --
. 251,609
0 $. 7,l99,341 ·26,8951. 10f793· 7. ,415,443 .
[
0 0 Q

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o!UQ G l\0 . ,,
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.. Campany: . b ,,
Land ll , , ,, $ 1•1?8.~17 , " LOO -
u
,; 1,498,817
~-- -~- '
Building•) and - , "'·
improvements · 4,624,452 4,928 4,629,; 380; .. •i,
turntture, fixtures. ,,_
'"Bnd equipment · 5,628 ·. •s,628:,,
•I!. -- :.

_...,.
~-100.... .. .~

b·.·._:·_ :~_
99 7 ;;4,928 , 6rl33ft825 -

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.Consolidated: , ,. ,_a·. .· ..
Land . · . i.~22,413 •1••
i<io
l} ,;
,. · 1,622 ,313.
,.,Buildingii anct ,, . . .

· impr6vement11 · · · 1+;849.~ 7tO 4,'928; -, 4,854;~99:

' {:- ''
•. Furniture; fixtures. · ·i ·
t\ •. 8nd.. equipmeli_t.-:"1;_- -.(, .6-~:i,~651, AA,41~ 19~741 --·- .718,32!).,.·
Leaeeholct improv~J!tll 251 !609 ..
.. ", . $ 7 :4'15.-443· .. ,,
- . '. 251,609 ,, "
- ...- •.·-·- . 7,,4/;6'k949
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WESCO Fll!IANCtAL CORPOBA'JllO~
o ·_·, -,·,,, .. ; -8Ud li _ - .. - -_ _ ,_ ._ -~"". ,, . ..,

Fl~NCJALCORPoRA'JllON ARD smssml:AlilBS~ C01'80LmAm>

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WESCO
- - . -.. , . ·,(:. • ", ·, --~J._:_ -- '<-;_,_ . •' ·'.~·- ..:-.~ -,,-. ··,,~
0

• Re1.erv:e~ }or IleprecH.atio~ and .A'mortizatio,11

. · · · of. Pr&pefty, .Plant,
.
ancl Equipment
. ~·
.. -~- '

. '

TWo~yi=ar•
0

endildpDec8mber 31, · 1970

., '

\,.\'

"
• •. ·•· .. · ,, • ·•. · . 1?:lAddttio~a .·• ~· Deductiolia ... '. :
Balance at Charged · " Retiie~ta, ., Bilaace
beg~nning .,l:o, profit .·. rf!ntn,fal~, .··, ·•. · at; cl<!?e•
c1111aification· of period and loila Other replacements Other•of peribd
;;-· >-" • - • J:, - - r 11
j,._ ·,'
-~ :·
" -
.,. ·.~_.·.:.:,(_--;:-;.

· C:ampany: -· \
Buildings and ;;
;, -· .· improvement•.
,· - .,_ v · ,·•$..

~· .
.. F,Umiture, fixo;
•ture1 and . ·.. '' ~
;· .; l . eqtiipment ~ , 2.,898
$ ······~92.140 <
455. i\ . ,_
i9a,87o/ :~··
1
__ _, ,. )r<i

' '
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~ ;''
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-1 · " COn1olidated:. ·. . -~:-s:-
. .~ilding1°and •
I
¥:''
· illlprov4im4i!nt;• 2011,096 .-
.FUmiture, £~- ';'.
; t;ure,, ;11~d . ·. i;·
,·' ;·
' ' ·'1·'

.· : equiP,1111nt 503,325 ,. 73,305 -. ' " . 7,~30 ,' ,5(i6~103.

. -· .,-,
Leilileholcl im-
provements
'<•
'"' " •60!453 14,548 ......,-
__.., ~" -
.i'i,530'
-
•
0,
:'r> -
7S-,00l,
<- :··-' _.., ', ·:;:'_ '-..-....;;:--~,_:'
.

~ 1,537,819 29S,949 .2.9971,823,241.

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, fl c ~W!sco ~INftNCIAJd CQRPoRATION'
.
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N~t Pr0fit: ·and
_,
0

Lo•• Of.t,Affillat:I! D
in,

• .,
o· Two· years. en,ded.l!S£;.·elllber 31,.: .1970
. "

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0
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Amccµgt' of diyidencla ~·?; ,,'

· " Total
- -
of•
'
.J\. , Amount of
relate.d caption• equity in net:· .·
·' of, pxofit and. lr,isli, ' prqfit; an~ 1,oaa .··
Name of iHuer ·
and title of :l!•ue · Other gr ·inc°" •'tat•ment •. fox; ·<'f'"·:-
'tbe'period
-· -c
'-~J ' . ."
..... " <l

· "Mutual savings :na t.oan

. A.ss9ciat:ion~ guarantee '"'
stoclt; year
. '
ended:·
" ."
0

· • Dec~ber 31, '196.9. · ih22§no4S , .

.£'· -· " ·:.,','~.
0

,· ., ..
•[
( Deceiilb~r 3f, .1970 $.. _..
...... 294ft; 41+0~
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